Energen Corporation (EGN) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $53.31 million, or $ 0.55 a share in the quarter, against a net loss of $227.90 million, or $2.89 a share in the last year period. On adjusted basis, net loss for the quarter stood at $21.40 million, or $0.22 a share compared with a net profit of $32.40 million, or $0.41 a share in the last year period. Revenue during the quarter plunged 37.62 percent to $184.38 million from $295.57 million in the previous year period. Gross margin for the quarter contracted 446 basis points over the previous year period to 77.07 percent.
Operating income for the quarter was $90.30 million, compared with an operating loss of $348.21 million in the previous year period.
Working capital turns positive
Working capital of Energen Corporation has turned positive to $265.84 million on Sep. 30, 2016 from negative $63.87 million on Sep. 30, 2015. Current ratio was at 1.95 as on Sep. 30, 2016, up from 0.82 on Sep. 30, 2015. Cash conversion cycle (CCC) has increased to 99 days for the quarter from 81 days for the last year period. Days sales outstanding went up to 50 days for the quarter compared with 35 days for the same period last year.
Days inventory outstanding has decreased to 15 days for the quarter compared with 30 days for the previous year period. At the same time, days payable outstanding went up to 164 days for the quarter from 147 for the same period last year.
Debt comes down significantly
Energen Corporation has recorded a decline in total debt over the last one year. It stood at $551.34 million as on Sep. 30, 2016, down 26.50 percent or $198.74 million from $750.08 million on Sep. 30, 2015. Short-term debt stood at $19 million as on Sep. 30, 2016. Total debt was 12.07 percent of total assets as on Sep. 30, 2016, compared with 13.56 percent on Sep. 30, 2015. Debt to equity ratio was at 0.17 as on Sep. 30, 2016, down from 0.22 as on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
